Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business. It helps businesses track income, expenses, assets, and liabilities. Accounting is important because it shows whether a business is making profit or loss and helps owners make informed decisions. It also helps in budgeting, planning, and paying taxes correctly.
There are different types of accounting such as financial accounting, management accounting, and cost accounting. Financial accounting focuses on preparing financial statements like the income statement and balance sheet. Management accounting helps managers make internal business decisions.
Accounting ensures transparency, accountability, and proper financial management in any organization.
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